The Functional Foods Market was valued at US$ 233,620.18 million in 2021 and is projected to reach US$ 418,439.42 million by 2028. It is expected to grow at a CAGR of 8.7% from 2021 to 2028.
Functional food is a modified food that claims to benefit health. It does not cure disease, but it does help minimize the risk of fatal diseases by enhancing the body’s health by giving essential minerals and proteins. Functional foods in the diet improve the physiological state of the individuals. Functional foods are enriched with functional nutrients and the product’s basic nutritional content to give various health-related benefits. Amino acids, vitamins, minerals, proteins, fatty acids, and prebiotics are examples of nutrition. Because of growing consumer awareness, functional products have grown in popularity. In this day and age, when a pandemic like COVID-19 has swept the world, and everyone is concerned about increasing their immunity, functional foods are becoming quite popular, which is boosting the functional foods market growth.
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List of 10 Companies –
- Abbott Laboratories
- Clif Bar And Company
- Danone S.A.
- General Mills, Inc
- Good Source Foods, Llc
- Hildur Functional Foods Pvt. Ltd
- Kellogg Company
- Laird Superfood
- Nestl S.A.
- Unilever Plc
Based on region, the functional foods market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SAM). In 2020, Asia Pacific held the largest share of the global functional foods market, and it is projected to register the fastest growth over the forecast period. The changing lifestyle preference in Asia Pacific is having a significant impact on the functional foods market growth in Asia Pacific. People are increasingly consuming products that provide functional benefits. With the rise in health awareness among consumers, the demand for functional foods products continues to grow.
Based on product type, the functional foods market is segmented into bakery and confectionery, dairy and frozen desserts, sweet and savory snacks, breakfast cereals, and others. The dairy and frozen desserts segment accounted for the largest market share in 2020. Dairy products include food made from milk such as butter, cheese, ice cream, yogurt, and condensed and dried milk. Consumers are increasingly consuming dairy products as it is important for building healthy bones and maintaining a healthy weight. Yogurt is being increasingly used as a functional food due to its high nutritional value and enormous health benefits. Different fruits such as peaches, cherries, apricots, papaya, , and blueberries are being used to make yogurt to provide different flavors and make it healthier and more nutritious.
Moreover, according to the Asia Pacific Observatory on Health Systems and Policies, most countries in Asia Pacific will experience rapidly aging societies over the next few decades. The high proportion of deaths across Asia Pacific is caused by chronic noncommunicable diseases (NCDs), particularly in Southeast Asia and Western Pacific. Major NCDs include cardiovascular diseases, diabetes, cancers, and chronic respiratory diseases. The increased prevalence of chronic diseases has led to a rise in focus on personal health and wellbeing. Consumers are increasingly demanding food products that will provide certain health and nutritional benefits. This will support the change in consumers’ lifestyles. The Functional Food Center of the United States (FFC) stated that functional foods have scientifically proven benefits for improving general health and minimizing the impacts of chronic diseases. These foods also contain vital nutrients that can help prevent chronic diseases. Thus, the increasing prevalence of chronic diseases is driving the demand for functional foods growth across the region.
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TABLE OF CONTENTS
- Introduction
1.1 Study Scope
1.2 Research Report Guidance
1.3 Market Segmentation
- Key Takeaways
- Research Methodology
3.1 Scope of the Study
3.2 Research Methodology
3.2.1 Data Collection
3.2.2 Primary Interviews
3.2.3 Hypothesis Formulation
3.2.4 Macro-economic Factor Analysis
3.2.5 Developing Base Number
3.2.6 Data Triangulation
3.2.7 Country-Level Data
- Landscape
4.1 Market Overview
4.2. Porter’s Five Force Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Buyers
4.2.3 Threat of New Entrants
4.2.4 Competitive Rivalry
4.2.5 Threat of Substitutes
4.3 Ecosystem Analysis
4.4 Expert Opinion
- Key Market Dynamics
5.1 Market Drivers
5.1.1 Surging Demand For Nutrient Enriched Food
5.1.2 Rise In Incidences Of Chronic Diseases
5.2 Market Restraints
5.2.1 Higher Prices Of Functional Foods
5.3 Market Opportunities
5.3.1 New Product Development
5.4 Future Trends
5.4.1 Rising Demand for Healthy Snacking
5.5 Impact Analysis of Drivers and Restraints
- Analysis
6.1 Market Overview
6.2 Functional Foods Market -Revenue and Forecast To 2028 (US$ Million)
6.3 Competitive Positioning: Key Market Players
- by Product Type
- by Category
- by Distribution Channel
- Geographic Analysis
Continued…
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